Requirement of Maintenance of books of Account
This query is : Resolved
26 May 2021
Requirement of Maintenance of books of Account for an assessee carrying on Income from Commission Turnover above 2.5 lacs & another assessee having Income from Speculative Activity Rs. 6485/-
26 May 2021
Commission income cannot be offered under section 44AD so maintaining books of accounts mandatory if want to claim expenditure against income
27 May 2021
* If the gross receipts from the business is more than Rs. 25,00,000 or the income from business is more than Rs. 2,50,000 in any of the 3 preceding years, then books of accounts is compulsory OR
*where the business is newly set up in the previous year, if his income from business is exceeded two lakh fifty thousand rupees or his gross receipts in business is likely to exceed twenty five lakhs rupees, during such previous year, books of accounts is mandatory.
In the cited issues -
+ the commission being the gross receipts, books of accounts is not mandatory.
+ the person doing speculation need not maintain books compulsorily since gross receipts and income is below the limits as in section 44AA.
*where the business is newly set up in the previous year, if his income from business is exceeded two lakh fifty thousand rupees or his gross receipts in business is likely to exceed twenty five lakhs rupees, during such previous year, books of accounts is mandatory.
In the cited issues -
+ the commission being the gross receipts, books of accounts is not mandatory.
+ the person doing speculation need not maintain books compulsorily since gross receipts and income is below the limits as in section 44AA.
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